DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
Another rally on DAX futures this morning, but the outlook remains negative and rallies are still a chance to sell.
Yesterday’s breach of 11,926 may not have been confirmed as the market closed slightly above the previous support but the trend of lower highs and lower lows suggests that the bears retain control on the market.
Momentum indicators remain negatively configured with the Stochastics and MACD lines falling away, whilst the RSI is struggling for any upside traction.
The hourly chart shows that momentum is simply unwinding from oversold and is set to renew downside potential.
Between 50/60 on the hourly RSI has been a selling opportunity in recent sessions.
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